I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
It’s true that “there is no limit on earnings once you reach full retirement age” in the sense that benefits will not be reduced. However, Social Security benefits are still taxable, and more of those benefits are taxable if you earn other income.
Next year is my full retirement age year. Good to know I can make up to $62,160 with no penalty. I won't make that much so I will keep working and start collecting in January 2025 getting a little over $2,900 a month. I will just do direct deposit in my account every month. life is good. Great Video, thanks for caring about the people going on or are on social security.
@@paulawinstead5660 I know and it sucks. My Money Markets will make more than the limit allows so i am screwed for being smart and investing my Money as i should.
I'm retiring in August 2025 at 65.5. I will collect survivors benefit for 1.5 years until 66.10. I turn 66 in December 2025. I can get a job in January 2026 my FRA year and make 62K? Am I hearing that right?
Retirement is becoming increasingly challenging for many people. Low wages, inflation, and high rent costs make it difficult to save, and now, even middle-class Americans are struggling to buy homes-leaving them with fewer retirement options.
Before I stopped dca-ing into my retirement account, it was 220k and has now depleted to 175k in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
The demand for Advsr have risen more now than it did in the 90’s. At least their importance in an economy such as this can’t be understated. There are a good bunch as well as a bad bunch. You gotta do due diligence and use discretion. I work with Monica Mary Strigle
I have seen Advsr and commentary on them but not one that looks this classy. She experienced as detailed in the report. How soon should one expect feedback?
I understand about the earning limits when taking an early retirement. What I don’t disagree with is if I make $10 more that I’m allowed they take my whole SS check in Jan instead of just the $10. So if you get 1 k for SS a month and you go over )10 in the previous year you will loose your whole Jan SS check and they will put the remaking $995 back into you SS at full retirement age. But 90% of us has no knowledge on how they calculate the SS so do they really add your $990 back into your SS. I don’t believe they do.
Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
@ I would rather they call it, “my money”, because that’s what it is, “MY MONEY”. Money that the government is pissing away. I paid into social security for the last 45 years starting at the age of 14. It’s not a benefit or welfare, it’s MY MONEY, I GAVE UP FOR THE LAST 45 years!
@@MelissaHuffman-k7x You have missed the point entirely. Most people call SS and Medicare an "entitlement". Whereas both are benefits(akin to "benefits" that an employer would provide/offer Health/dental/401 etc) SS and Medicare are BENEFITS that one has contributed to thru-out their working lives myself included(53 yrs worth). I do agree with the "its my money" so quit your screeching and screaming. It's annoying
Great Video. Thank you. Now I just have to figure out for self-employment income, if I can count the losses from previous on a business (sub chap S) that I closed this year against the profit of the new business (sole proprietor) I started this year in determining my Net Self-employment income towards my early social security that I receive? (born in May 1959)
I'm fully retired at 66 and 2 months,I am working part time, but I have 19% state taxes out and a little more on Fed. From my checkssomething to let people know that after you sign up on part B you have 90 day to file part D unless you have an advantage health plan. I take no drugs and thought why would it take it. Anyhow I now get deducted a dollar the rest of my life
How can the dollar be deducted when Part D is voluntary/optional when one signs up for Medicare and Medicare Part B? Those who are reading your comment need clarification.
Good stuff. You clarified my understanding of the true implications of exceeding the income limit, which is our "retirement plan" after filing for SS benefits next year. Work full time at a modest pay rate in retail at 64 yo, coupled with ss benefits. If I understand you correctly ( ... and I've researched as well), at 70 years of age the penalized amount is calculated back into my benefit. Correct? I'd like to work until I go into the Lord's eternal benefit plan. Praise God ✝️ Thank you Sir ❤️
Devin, I'm confused...you say that after FRA, you can make as much as you want and you will not see reductions in your monthly check. The I hear they are still taxable! If I make over $25,000, 50% of my monthly amount is taxed (at what rate I have no idea) and if I make over $34,000, 85% is taxed. Is this true? If so, how can you say that there would be no reduction in benefits? I also understand that 12 states tax benefits and the rest dont? Can you explain?
Thank you, yet again, for such an informational video. I do have a question, what are the rules for the time that you can spend in the business in the first year, if self-employed?
Folks keep in mind the difference between income limits related penalties and TAXES that will apply to your benefits no matter that you’re passed the full retirement age. As individuals, any earnings beyond $25,000 will generate an income tax on 50% of your social security benefits. And if your earned income exceeds certain higher limits, 85% benefit will be taxed ! So working more will cost you more.
Please post accurate and correct information: "In 2025, retirees younger than the FRA for the entire year can earn up to $23,400 before any benefits are affected. If your income exceeds this threshold, $1 in benefits is withheld for every $2 earned over the limit. For example, if a retiree under FRA earns $28,400, the income is $5,000 above the low limit($23,400). Half of this excess ($2,500) would be withheld from their Social Security benefits. The high limit: This applies to those who will reach their FRA at some point during the year. In 2025, the high limit is $62,160. If income exceeds this threshold$(62,160), $1 in benefits is withheld for every $3 earned over the limit, but only the income earned before reaching FRA is counted. For instance, if a retiree reaches FRA in October 2025 and earns $65,160 by September, their income is $3,000 over the high limit. One-third of the excess ($1,000) would be withheld. Importantly, once you reach the FRA, the RET no longer applies, and your benefits are not withheld regardless of your income. Additionally, any benefits withheld due to the RET are not lost permanently. The Social Security Administration gradually credits withheld amounts back to your monthly payments after you reach FRA, recalculating your benefits to reflect the months when payments were reduced."
What if instead of collecting your own SS you are collecting a survivor benefit and you are under your FRA. Will benefits withheld due to being over the earnings limit be recouped later at FRA like they would if it was your benefit you were taking?
I took my SS at age 62. I have worked part time nearly every year since but only up to the earnings limit. Among those 35 years where my SS pay was calculated at age 62, I had some very low income years. The years I have been working part time are higher earnings than those past years. My question is this: Will they have to recalculate my SS amount based on these more recent years being higher earnings? And if so, when will this recalculation happen?
@@evertmorse8518 I applied for SS in Jan of '2024 knowing my FRA wasn't until Aug of 2024. I continue to work 16 hrs a week. .Rec'd a letter Oct of 2024 pertaining to recalculation of my SS benefit and would see an increase starting Jan 2025. SS and Medicare taxes are still withheld from one's paycheck, so I figure the paychecks from Jan'2024 thru Sept'24 and those two taxes still withheld are the reason for increase in my benefit.
@evertmorse8518 It is automatically done each year but takes a couple months. I received a letter in March of the adjustment, and April was higher, and then received an adjustment check for Jan Feb Mar because those should have been higher. If this didn't happen in 2024 you should call them. Mine was higher because I had several years of $0.00 income so the ~$20,000 made a difference.
Congratulations on your video "Working And Receiving Social Security 2025" inspirational thanks for sharing. All money is Social Security Litigation Liability. Britain is all work and bills. 🇬🇧💷💖🙏🏽.
Quick question. Next year (in March) I can start getting benefits (turn 62). It seems like you said for this first year, my income limit will be a lot higher (I think it was 62k). Is this correct? Then the next year it would drop down to 23K (if nothing changes)? Thanks in advance. Great video.
No. If you take early retirement prior to your FRA month/year the earnings cap per yr UNTIL your FRA will be $23,240. That $62,000 is earnings for people who have reached their FRA.
Thanks for this video! First one I've seen that addresses this topic. Two questions: 1) How do retirement and HSA contributions affect income limit? In other words, if I earn $30k in gross wages, but contribute $8k to a trad IRA, is my income still $30k? or is it reduced to $22k in regards to the income limit? 2) Is it accurate that potentially all of a SS benefit would be "taken back" in a certain year? For example, if I took early retirement (62 years old) for the full year 2025, and my benefit was $18000/year, and I made $65,000 income -- breaching the limit by $41,000, my $18k benefit would disappear under the $1 for every $2 over the limit rule? Thanks!
Wow that's nice She makes you that much!! Thanks 🙏 I will try to reach her services, I work 3 jobs and trying to pay off my debts for a while now!!Thanks for the help .
Yes I agree with you on that. I was once a holder with about 3BTC, 7ETH and $8000 worth of lite coin but now after investing I have about 17BTC and 21 ETH.
My thoughts of not having my ss benefits reduced is to increase my 401k % or dollars amount since I work part time and my current salary is the mid $50k, I am totally debt free at 58 1/2 and working for the health Insurance...my bigger questions is going to be how to afford health Insurance if I retire at 62 1/2 until 65 when medicare begins...if I could figure it now I would retire sooner...
Thank you as always. Regarding “the calendar year you reach FRA”-I was born in September so I assume that starting in January I would be eligible for the higher earnings but what about those people born in January February etc? Is their previous year of higher earnings taken away?
My son who has been disabled since age 3,and lost his entire cola raise for 2025. He doesn't work,has no other income but social security and his SSDI benefits.
My wife will turn 66 in April 2025 and she still working earning about $45,000 a year, SS told her that she can’t receive the benefit until she retire because she makes too much. I like to see your opinion thanks.
If you could do a video about the earnings limit in relation to a business, that would be great. My husband is a Contractor who wants to take his SS early. I have almost no SS due to working with him so we need to start crediting me 50%. If we do that, it should keep him under the limit? I assume.
Will start benefits in November, and reach FRA next april. So technically i can work only for less than 1.7k in the month on November and December but in January can work up to 10k until april then after as much as i want. Correct?
Would if I earned the limit of $23,400 in the first three months of the year, then I quit my job. Would SSI calculate my penalty based on $7,800 a month, starting in January, and through the rest of the year, even though I don’t plan on earning any additional income over $23,400? In a situation like this, how would I or do I even need to report the three months of overages to SSI? I really enjoy of content that you provide. Thanks!
The best thing I can say about this video is his jacket is a nice color and that’s a nice microphone (probably a prop) LOL as for the subject matter he is phrasing the regulations in a way that makes it seem like this is all new legislation. If Congress did pass a bill already and someone knows the bill name & number I would appreciate a reply to this comment
On joint income. What if one is 70 and starting social security and will not exceed 23,000 annually part time but spouse still works and makes 140,000.
When my husband passed away suddenly and I waited a year until my 60th birthday and signed up for a widows benefit I received payments that whole year. The next year I was told I was overpaid and that I owed $10,000. The next letter said I owed $7000. The next letter said I owed $5000. My last letter said I owe $4000 so I called to ask what do I owe? I also asked if my appeal had ever been read or taken care of and the agent said that they received it, but he didn’t see if there was any movement because my question was if I was sent a letter that said That my earnings limit would be my wages from employment gross. And that bonuses and vacation pays sick. Pay would not be counted because those were “gifts“ from My company that not everybody receives and yet my overpayment was based on my full gross income and now I’m getting letters that say here’s $400 for December 2024 although you still owe $4000 back you’re gonna get $1600 in January. oops no actually we’re not gonna send you anything in January 2025. How much yanking around have I endured? Susan
This is one rule you need to look into…. This is exactly what I was talking about once Trump is in White House. And how your Social Security would be affected. Look very close at this proposal by Trump (H.R. 82 Social Security Fairness Act: eliminates WEP and GPO.),…. And If this goes in effect…. Your Social Security check will be cut between 33% to half of what you make now. Within six years.
I have the same question. I hit FRA in June, which is when I started collecting my social security. I have continued to work. I make $85,000 a year at my job. I will continue to work for many months in 2025. Will I be penalized? I never get a straight answer from anyone about this.
I'm still confused!!! If I reached FRA in June 2024, and started collecting my social security in June 2024, is there an income limit??? I am still working full time and making $85,000 a year. Will I be penalized for making over the limit in 2024? I plan on working in 2025 as well. Will I be penalized in 2025 too? Does anyone know the answer to this???
I'm collecting FRA and still work... I paid taxes at about 10% this past tax year... And this year I avoided working 90% of my allowable O/T ... Many can end up paying 10-25% on their exceeding limits... from the SSI TRUSTEE REPORT... "Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year's report. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits"
I've heard conflicting answers to this question: If you start collecting at 62, and the years between then and full retirement age are years where you make more income than some of the top 30 years in your employment history, will you be able to cancel out any of the lower paying years in the past and replace them with the higher income years, to help bring up your monthly Social Security payment? Or, once you start collecting, do you stop getting credits for what you are earning? When I started collecting at 62 I was unemployed and felt I had no other option. Since then, I've had 3 years where my income exceeded a few of the years in my past where I had zero income. Now that I've reached full retirement age, will my check go up at all to account for these 3 better years?? Thank you!
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
I started receiving S.S. at full retirement age 66 and 4 months. I'm working full-time and receiving benefits, one of the best decisions I've made
I am at 68 and 4 months, I am going to go ahead and start my SS, and I too am working full time.
What is your tax bracket 😊
@wmp3346 last year it was 12% on adjusted gross income of around 70k
Finally someone explained it where I can even understand, thanks.
It’s true that “there is no limit on earnings once you reach full retirement age” in the sense that benefits will not be reduced. However, Social Security benefits are still taxable, and more of those benefits are taxable if you earn other income.
That is what Trump wants eliminated so you only have taxes on the new income above SS, kind of the two are not related. Many states already do that.
Next year is my full retirement age year. Good to know I can make up to $62,160 with no penalty. I won't make that much so I will keep working and start collecting in January 2025 getting a little over $2,900 a month. I will just do direct deposit in my account every month. life is good. Great Video, thanks for caring about the people going on or are on social security.
Where is that written, it is 26.5K and any dollar over they take 2 from you, then at 56K they take 3 for every dollar over.
I have the same plan! I reach my FRA in June '26 and I plan to start my benefits in January of '26.
@@paulawinstead5660my dad was prevented from working too much after he got SS. Has it changed?
@@paulawinstead5660 I know and it sucks. My Money Markets will make more than the limit allows so i am screwed for being smart and investing my Money as i should.
I'm retiring in August 2025 at 65.5. I will collect survivors benefit for 1.5 years until 66.10. I turn 66 in December 2025. I can get a job in January 2026 my FRA year and make 62K? Am I hearing that right?
The earnings limit is ridiculously low. A Mc Donald’s worker makes more than that.
The earnings limit applies to people who took SS BEFORE their full retirement age.
It’s poeverty level
I have called ,I have gone down in person, I filled out forms, and I am still getting my full checks, crazy.
I really appreciate you sending me that cheat sheet. It's the best! Thank you for this information too, you're great Devin
This is the best and clearest explanation on this topic that I have seen. Thank you.
Thank you this was very informative. I wish there was a transcript I could print out.
There is a transcript in the description box.
Many thanks very informative.
Love the Podcast, it even keeps my wife's attention when we are traveling. Helps us have good conversations about our finances and estate planning.
No limit on earnings after FRA. No change to that rule. THX.
Retirement is becoming increasingly challenging for many people. Low wages, inflation, and high rent costs make it difficult to save, and now, even middle-class Americans are struggling to buy homes-leaving them with fewer retirement options.
I'll continue to grab my share behind the scenes.
I've had enough suffering.
Before I stopped dca-ing into my retirement account, it was 220k and has now depleted to 175k in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
How can one get in touch with them? I’m looking for a fiduciary what’s the kinda fee for consulting?
The demand for Advsr have risen more now than it did in the 90’s. At least their importance in an economy such as this can’t be understated. There are a good bunch as well as a bad bunch. You gotta do due diligence and use discretion. I work with Monica Mary Strigle
I have seen Advsr and commentary on them but not one that looks this classy. She experienced as detailed in the report. How soon should one expect feedback?
Looks good. I hope my email doesn’t end up ignored, lady is very young for that experience and looks quite brilliant. Thanks for sharing.
Good info, Thanks.
Very clear and very helpful. Thank you!
Just subscribed! Thank you sooo much for your valuable information! 👍😉😃
Just joined the Alemio community, and I’m already impressed by how active and supportive everyone is. This project feels special.
Thanks I enjoy your video's helped me out alot
A lot is two words!
@@SamuelCulper-h6s You going to make him stand in the corner?
@ No, I don’t think he could find it.
Thank you very much for your show
I understand about the earning limits when taking an early retirement. What I don’t disagree with is if I make $10 more that I’m allowed they take my whole SS check in Jan instead of just the $10. So if you get 1 k for SS a month and you go over )10 in the previous year you will loose your whole Jan SS check and they will put the remaking $995 back into you SS at full retirement age. But 90% of us has no knowledge on how they calculate the SS so do they really add your $990 back into your SS. I don’t believe they do.
Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Scam Alert ! Scam Alert !! Scam Alert !!! Scam Alert !!!! "Financial Advisors" recommended in the comments under You Tube videos are SCAM ARTISTS ! Don't bite the bait ! Scam Alert ! Scam Alert !! Scam Alert !!! Scam Alert !!!!
Everyone that has worked should be entitled to its full amount at retirement age regardless of income. Its our hard earned money 🤬.
Benefit? Why is it called a benefit when it’s my money that I put in ever since I was 14 years old?
Exactly!
Would you rather have it called "an entitlement" making it sound like its welfare?
@ I would rather they call it, “my money”, because that’s what it is, “MY MONEY”. Money that the government is pissing away. I paid into social security for the last 45 years starting at the age of 14.
It’s not a benefit or welfare, it’s MY MONEY, I GAVE UP FOR THE LAST 45 years!
It’s definitely not an entitlement either when it’s MY MONEY I EARNED, NOT SOMEONE ELSE.
@@MelissaHuffman-k7x You have missed the point entirely. Most people call SS and Medicare an "entitlement". Whereas both are benefits(akin to "benefits" that an employer would provide/offer Health/dental/401 etc) SS and Medicare are BENEFITS that one has contributed to thru-out their working lives myself included(53 yrs worth). I do agree with the "its my money" so quit your screeching and screaming. It's annoying
Great Video. Thank you. Now I just have to figure out for self-employment income, if I can count the losses from previous on a business (sub chap S) that I closed this year against the profit of the new business (sole proprietor) I started this year in determining my Net Self-employment income towards my early social security that I receive? (born in May 1959)
Good info and short.
Just a few weeks ago, I didn’t even know Alemio existed, and now I’m all in. This presale has been a wild ride!
I'm fully retired at 66 and 2 months,I am working part time, but I have 19% state taxes out and a little more on Fed. From my checkssomething to let people know that after you sign up on part B you have 90 day to file part D unless you have an advantage health plan. I take no drugs and thought why would it take it. Anyhow I now get deducted a dollar the rest of my life
How can the dollar be deducted when Part D is voluntary/optional when one signs up for Medicare and Medicare Part B?
Those who are reading your comment need clarification.
THANK YOU SIR !
Hey folks, Alemio’s focus on AI and DeFi scalability makes it one to watch. Got in today while it’s still early.
Thank you.
What about rental income? Is it not counted and considered like capital gains and interest?
Good stuff. You clarified my understanding of the true implications of exceeding the income limit, which is our "retirement plan" after filing for SS benefits next year. Work full time at a modest pay rate in retail at 64 yo, coupled with ss benefits.
If I understand you correctly ( ... and I've researched as well), at 70 years of age the penalized amount is calculated back into my benefit. Correct?
I'd like to work until I go into the Lord's eternal benefit plan. Praise God ✝️
Thank you Sir ❤️
Just got my $ALM tokens, and the presale process was incredibly smooth. Kudos to the Alemio team for getting it right!
Good info
Devin, I'm confused...you say that after FRA, you can make as much as you want and you will not see reductions in your monthly check. The I hear they are still taxable! If I make over $25,000, 50% of my monthly amount is taxed (at what rate I have no idea) and if I make over $34,000, 85% is taxed. Is this true? If so, how can you say that there would be no reduction in benefits? I also understand that 12 states tax benefits and the rest dont? Can you explain?
This is all so confusing. Need specific advice about my particular situation. Where can I go for a one-on-one consultation? Please advise.
I too need 1 on 1 as am a W-2 p/t employee but also sole officer of a Corporation. Wonder how that comes into play???
I’d love to know as well
Thank you, yet again, for such an informational video. I do have a question, what are the rules for the time that you can spend in the business in the first year, if self-employed?
It is a dollar amount not a time limit.
Folks keep in mind the difference between income limits related penalties and TAXES that will apply to your benefits no matter that you’re passed the full retirement age. As individuals, any earnings beyond $25,000 will generate an income tax on 50% of your social security benefits. And if your earned income exceeds certain higher limits, 85% benefit will be taxed ! So working more will cost you more.
Please post accurate and correct information:
"In 2025, retirees younger than the FRA for the entire year can earn up to $23,400 before any benefits are affected.
If your income exceeds this threshold, $1 in benefits is withheld for every $2 earned over the limit.
For example, if a retiree under FRA earns $28,400, the income is $5,000 above the low limit($23,400). Half of this excess ($2,500) would be withheld from their Social Security benefits.
The high limit:
This applies to those who will reach their FRA at some point during the year. In 2025, the high limit is $62,160.
If income exceeds this threshold$(62,160), $1 in benefits is withheld for every $3 earned over the limit, but only the income earned before reaching FRA is counted.
For instance, if a retiree reaches FRA in October 2025 and earns $65,160 by September, their income is $3,000 over the high limit. One-third of the excess ($1,000) would be withheld.
Importantly, once you reach the FRA, the RET no longer applies, and your benefits are not withheld regardless of your income. Additionally, any benefits withheld due to the RET are not lost permanently. The Social Security Administration gradually credits withheld amounts back to your monthly payments after you reach FRA, recalculating your benefits to reflect the months when payments were reduced."
What if instead of collecting your own SS you are collecting a survivor benefit and you are under your FRA. Will benefits withheld due to being over the earnings limit be recouped later at FRA like they would if it was your benefit you were taking?
What about renting a room out on Airbnb? Does that income count? If you’re not at full retirement age and collecting SS Thanks.
Does profit from a short term rental property qualify as income? Thank you
Yes it counts as income which you must report for your taxes but it is NOT earned income and so it does not count toward the earnings limit.
The Alemio team seems to really know what they’re doing. Their updates are detailed, and they actually listen to feedback. Refreshing to see!
I took my SS at age 62. I have worked part time nearly every year since but only up to the earnings limit. Among those 35 years where my SS pay was calculated at age 62, I had some very low income years. The years I have been working part time are higher earnings than those past years. My question is this: Will they have to recalculate my SS amount based on these more recent years being higher earnings? And if so, when will this recalculation happen?
Yes, they will recalculate. The just did mine and the increase will start in Jan '25.
@@paulawinstead5660 ~ When does this happen the first time? At Full Retirement age?
@@evertmorse8518 I applied for SS in Jan of '2024 knowing my FRA wasn't until Aug of 2024. I continue to work 16 hrs a week. .Rec'd a letter Oct of 2024 pertaining to recalculation of my SS benefit and would see an increase starting Jan 2025.
SS and Medicare taxes are still withheld from one's paycheck, so I figure the paychecks from Jan'2024 thru Sept'24 and those two taxes still withheld are the reason for increase in my benefit.
@evertmorse8518 It is automatically done each year but takes a couple months. I received a letter in March of the adjustment, and April was higher, and then received an adjustment check for Jan Feb Mar because those should have been higher. If this didn't happen in 2024 you should call them. Mine was higher because I had several years of $0.00 income so the ~$20,000 made a difference.
Thank you...... 😊
They know and take their money. I make more now then my best 10 year , will I get a bigger amount now ?
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Quick question. Next year (in March) I can start getting benefits (turn 62). It seems like you said for this first year, my income limit will be a lot higher (I think it was 62k). Is this correct? Then the next year it would drop down to 23K (if nothing changes)? Thanks in advance. Great video.
No. If you take early retirement prior to your FRA month/year the earnings cap per yr UNTIL your FRA will be $23,240. That $62,000 is earnings for people who have reached their FRA.
Could be unique - but - may be relevant.
Depending on variables; S-Corp shareholders company paid health insurance also may counts as income.
How about rental income?
What about rental income? My wife & I own rental property in an LLC. Does it count as income?
What is that chart showing of you claiming ss and still working or claiming ss andnot working as affecting the exceeds limit?
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Thanks for this video! First one I've seen that addresses this topic. Two questions: 1) How do retirement and HSA contributions affect income limit? In other words, if I earn $30k in gross wages, but contribute $8k to a trad IRA, is my income still $30k? or is it reduced to $22k in regards to the income limit?
2) Is it accurate that potentially all of a SS benefit would be "taken back" in a certain year? For example, if I took early retirement (62 years old) for the full year 2025, and my benefit was $18000/year, and I made $65,000 income -- breaching the limit by $41,000, my $18k benefit would disappear under the $1 for every $2 over the limit rule? Thanks!
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Question I am turning 66 in February 5 2025. My full retirement age is 66 +10 months. (December 5 2025) am I entitled to the $62,160 limit income
You are my age.Can we retire six months before still working ,
@ that is my question I am waiting an answer. I want to retire in Feb. my payments would start around April
I have the same concern
Dose my s.s. count also as work income??
My thoughts of not having my ss benefits reduced is to increase my 401k % or dollars amount since I work part time and my current salary is the mid $50k, I am totally debt free at 58 1/2 and working for the health Insurance...my bigger questions is going to be how to afford health Insurance if I retire at 62 1/2 until 65 when medicare begins...if I could figure it now I would retire sooner...
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Thank you as always. Regarding “the calendar year you reach FRA”-I was born in September so I assume that starting in January I would be eligible for the higher earnings but what about those people born in January February etc? Is their previous year of higher earnings taken away?
So you could make the 62K and starting in September make as much as you want
So if I work and get my full retirement as self employment they will cut my retirement ?
Thank you for explaining things so well.
Do lottery winnings fall into the earned income category?
No earned income only Like when you have a job and get a paycheck
How about railroad retirement. I did the 30 years and 60 years of age and now I am 63 years old.
My son who has been disabled since age 3,and lost his entire cola raise for 2025. He doesn't work,has no other income but social security and his SSDI benefits.
What happens if a person 64 years old and is $60000 over the income limit. The expected amount to receive is approx $2700 a month
You didnt mention IF UNEMPLOYMENT is considered in the income caps. Please address! TY
My wife will turn 66 in April 2025 and she still working earning about $45,000 a year, SS told her that she can’t receive the benefit until she retire because she makes too much. I like to see your opinion thanks.
not true.
Crazy!😮
Does gambling wins count for the earnings test
If you could do a video about the earnings limit in relation to a business, that would be great. My husband is a Contractor who wants to take his SS early. I have almost no SS due to working with him so we need to start crediting me 50%. If we do that, it should keep him under the limit? I assume.
question, so you worked with him as a wife/partner with no income paid TO you? Reason i ask is I'm in that boat and don't know what to do.
Will start benefits in November, and reach FRA next april. So technically i can work only for less than 1.7k in the month on November and December but in January can work up to 10k until april then after as much as i want. Correct?
So how much over should be considered when notifying the IRS. You mentioned 10,000, but what if you are $600 over, shold this be reported?
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Are widow benefits going to change in any way, didn't hear anything about that.
Would if I earned the limit of $23,400 in the first three months of the year, then I quit my job. Would SSI calculate my penalty based on $7,800 a month, starting in January, and through the rest of the year, even though I don’t plan on earning any additional income over $23,400? In a situation like this, how would I or do I even need to report the three months of overages to SSI? I really enjoy of content that you provide. Thanks!
I thought the limit while working plus ss under full retirement is $22,320.
The best thing I can say about this video is his jacket is a nice color and that’s a nice microphone (probably a prop) LOL as for the subject matter he is phrasing the regulations in a way that makes it seem like this is all new legislation. If Congress did pass a bill already and someone knows the bill name & number I would appreciate a reply to this comment
All you have to do is go to the SS site. It will verify everything spoken of in this video.
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Planning to join a first year startup. I won't have salary, only company stock. Will that somehow count for SS test?
2024 is my first year collecting social security at 62. I earned $25340. As a 1099 worker. I believe my limit is $22320?
On joint income. What if one is 70 and starting social security and will not exceed 23,000 annually part time but spouse still works and makes 140,000.
Your spouse's income has no bearing on your own SS benefit as your SS benefit is based on your earnings, not hers.
Are you going to cover me rules for ssi/di?
When my husband passed away suddenly and I waited a year until my 60th birthday and signed up for a widows benefit I received payments that whole year. The next year I was told I was overpaid and that I owed $10,000. The next letter said I owed $7000. The next letter said I owed $5000. My last letter said I owe $4000 so I called to ask what do I owe? I also asked if my appeal had ever been read or taken care of and the agent said that they received it, but he didn’t see if there was any movement because my question was if I was sent a letter that said That my earnings limit would be my wages from employment gross. And that bonuses and vacation pays sick. Pay would not be counted because those were “gifts“ from My company that not everybody receives and yet my overpayment was based on my full gross income and now I’m getting letters that say here’s $400 for December 2024 although you still owe $4000 back you’re gonna get $1600 in January. oops no actually we’re not gonna send you anything in January 2025. How much yanking around have I endured?
Susan
I’ve started collecting social security at full retirement age and am still working , why am I still paying into social security on my paycheck?
This is one rule you need to look into…. This is exactly what I was talking about once Trump is in White House. And how your Social Security would be affected. Look very close at this proposal by Trump (H.R. 82 Social Security Fairness Act: eliminates WEP and GPO.),…. And If this goes in effect…. Your Social Security check will be cut between 33% to half of what you make now. Within six years.
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I receive royalty payments from my late dad’s music. Does that count as income by SS?
What if your collecting part of your ex retirement?
Can you run a small business and collect SS ?
Are these rules different for widow benefits?
So I am at full retired age this year and started getting my ss, and I am still working now age 67. So I should not be over limit
I have the same question. I hit FRA in June, which is when I started collecting my social security. I have continued to work. I make $85,000 a year at my job. I will continue to work for many months in 2025. Will I be penalized? I never get a straight answer from anyone about this.
I'm still confused!!! If I reached FRA in June 2024, and started collecting my social security in June 2024, is there an income limit??? I am still working full time and making $85,000 a year. Will I be penalized for making over the limit in 2024? I plan on working in 2025 as well. Will I be penalized in 2025 too? Does anyone know the answer to this???
I'm collecting FRA and still work... I paid taxes at about 10% this past tax year... And this year I avoided working 90% of my allowable O/T ... Many can end up paying 10-25% on their exceeding limits... from the SSI TRUSTEE REPORT... "Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year's report. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits"
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If my husband collects SS benefits, but I do not, does income that I earn affect his benefits?
Does interest earn from CD’s count as income when you receiving Social Security?
I'm confused.
I've heard conflicting answers to this question: If you start collecting at 62, and the years between then and full retirement age are years where you make more income than some of the top 30 years in your employment history, will you be able to cancel out any of the lower paying years in the past and replace them with the higher income years, to help bring up your monthly Social Security payment? Or, once you start collecting, do you stop getting credits for what you are earning?
When I started collecting at 62 I was unemployed and felt I had no other option. Since then, I've had 3 years where my income exceeded a few of the years in my past where I had zero income. Now that I've reached full retirement age, will my check go up at all to account for these 3 better years?? Thank you!
Thank you for this question… I hope you get an answer as I will be in the same situation. Best wishes to you!
Once you get it it will not change !
Yes it will.
@@one4blondes nope, check with SS, but unless it is all paid back, it will not change.
@@dbs555 Then explain my increase that will be seen in my SS check beginning in Jan '25.
As a widow at FRA, do income limits still apply as far as taking widow's benefits?